2011-2012 Bill 4094: Charleston County School District ...



South Carolina General Assembly119th Session, 2011-2012H. 4094STATUS INFORMATIONJoint ResolutionSponsors: Rep. StavrinakisDocument Path: l:\council\bills\bbm\10155htc11.docxIntroduced in the House on April 13, 2011Introduced in the Senate on May 3, 2011Currently residing in the SenateSummary: Charleston County School DistrictHISTORY OF LEGISLATIVE ACTIONSDateBodyAction Description with journal page number4/13/2011HouseIntroduced and read first time (House Journalpage?51)4/13/2011HouseReferred to Charleston Delegation (House Journalpage?51)4/27/2011HouseDelegation report: Favorable Charleston Delegation (House Journalpage?44)4/28/2011HouseRead second time (House Journalpage?11)4/28/2011HouseRoll call Yeas10 Nays0 (House Journalpage?11)4/28/2011HouseUnanimous consent for third reading on next legislative day (House Journalpage?12)4/28/2011Scrivener's error corrected4/29/2011HouseRead third time and sent to Senate (House Journalpage?1)5/3/2011SenateIntroduced, read first time, placed on local & uncontested calendar (Senate Journalpage?27)VERSIONS OF THIS BILL4/13/20114/27/20114/28/20115/3/2011INTRODUCEDMay 3, 2011H.?4094Introduced by Rep. StavrinakisL. Printed 5/3/11--S.Read the first time May 3, 2011.????????????A JOINT RESOLUTIONTO PROVIDE THAT THE SCHOOL DISTRICT OF CHARLESTON COUNTY FOR FISCAL YEARS 20102011 THROUGH 20122013 MAY EXPEND FUNDS GENERATED FROM A GENERAL OBLIGATION DEBT BOND ISSUED FOR SCHOOL OPERATING PURPOSES, IN ORDER TO DEAL WITH A SHORTAGE OF SCHOOL OPERATING FUNDS, IF PERMITTED BY THE FEDERAL LAW APPLICABLE TO THE PARTICULAR TYPES OF BONDS ISSUED AND IF IT DOES NOT VIOLATE ANY PROVISIONS OF THE BOND INDENTURE APPLICABLE TO THE ISSUANCE AND SALE OF THOSE BONDS AND TO REQUIRE THAT ANY BOND FUNDS USED FOR SCHOOL OPERATING PURPOSES MUST BE RESTORED TO THE APPROPRIATE BOND PROCEEDS ACCOUNTS WITHIN TWELVE MONTHS.Be it enacted by the General Assembly of the State of South Carolina:SECTION1.The School District of Charleston County for Fiscal Years 20102011 through 20122013, in the event of a shortfall in school operating funds, may expend funds generated from a general obligation debt bond issued for school operating purposes, if permitted by the federal law applicable to the particular types of bonds issued and if it does not violate any provisions of the bond indenture applicable to the issuance and sale of those bonds. Any bond proceeds used for school operations pursuant to this section must be restored to the appropriate bond proceeds accounts within twelve months.SECTION2.This joint resolution takes effect upon approval by the Governor.XX ................
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